Mr. James Sykes reports

METAL ENERGY ANNOUNCES ANNUAL GENERAL MEETING AND OPTION GRANT

Metal Energy Corp.'s annual general and special meeting of shareholders will be held on Thursday, Sept. 14. More information on the meeting can be found in the company's management information circular, which will be posted on SEDAR+ in mid-August.

Stock option grant

The company is pleased to announce that the board of directors has approved the grant of stock options to certain directors, officers, employees and consultants of the company, allowing for the acquisition of up to, in the aggregate, 3.45 million shares of the company. The options are exercisable at a price of seven cents per share for five years from the date of grant, vest one year from the date of grant, and are subject to regulatory policies and approvals.

The grant of options to certain directors and officers is a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related-party matters as the company is listed on the TSX Venture Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Metal Energy Corp.

Metal Energy is a nickel and battery metal exploration company focused on two projects in politically stable Canadian jurisdictions: Manibridge (nickel-copper-cobalt-platinum group elements) in Manitoba and SourceRock (lithium-sodium-potassium) in Ontario. The Manibridge project is 85 per cent owned by Metal Energy and 15 per cent owned by Mistango River Resources Inc. (Canadian Securities Exchange: MIS). SourceRock is subject to earn-in agreements, where the company can acquire 100-per-cent exploration rights to the project.

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